Hotel properties located in Decatur are being offered for sale at a price of $10.5 million.
Decatur Property Offering "Once-in-a-Lifetime" Redevelopment Opportunity
A significant property assemblage in the heart of Decatur, Georgia, is now on the market, presenting a unique chance for developers to create a landmark project. The properties at 909, 917, and 921 Church Street, which include the Super 8 and Decatur Inn hotels, are up for sale.
The property spans 1.4 acres and is located three blocks away from downtown Decatur and one block from the newly renovated Glenlake Pool and Tennis facility. The area's increasing demand for mixed-use and residential projects makes this location particularly attractive.
The property listing suggests numerous development opportunities, including multifamily or townhome development, commercial purposes like office space or lodging, and even a grocery store. Rumors hint at the potential for a Trader Joe's, while some potential buyers have expressed interest in keeping the properties as hotels.
Real estate agent David Brown has seen interest from developers who are keen on redeveloping the properties as townhomes or an assisted living facility. If developed as a mixed-use project, the property would be located near another mixed-use project currently under development at the former Baby Kroger site on Commerce Drive.
The Decatur Downtown Development Authority (DDA) approved a $13 million tax incentive to support the redevelopment of the Baby Kroger site. However, the company that received the offer to connect Pope and Land and AMLI Residential for the redevelopment of the former Baby Kroger site remains unspecified in the provided information.
The DDA plans to issue bonds to provide funding to the developers, but these bonds will only close once the developers sign a lease with the grocery store. Currently, no plans have been filed with the city of Decatur regarding the property.
The same family has owned the hotel since the 1980s, and they are now looking to retire. The asking price for the properties is $10.5 million. If a zoning change is necessary for larger-scale projects on the property, developers would need to consider supplemental standards for setbacks and buffers when adjacent to the R-60 single-family zoning district to the north and east of the property.
The Decatur Cemetery borders the property, offering a serene backdrop for any potential development. With its prime location and diverse development possibilities, this property presents an exciting opportunity for developers in the Decatur real estate market.
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